THELOGICALINDIAN - Key Points
Bitcoin banknote amount beneath added beneath $1,200 adjoin the US Dollar. BCH/USD looks set to extend the accepted abatement appear or beneath $1,100.
Bitcoin Cash Price Resistance
There was no endlessly sellers as bitcoin banknote amount bootless to alteration aloft the $1,300 akin adjoin the US Dollar. The amount beneath and bankrupt yesterday’s low to barter beneath the $1,200 level. It opened the doors for added losses and the amount traded appear $1,150. A low was formed at $1,134 and it seems like the amount is disturbing to actual college in the abbreviate term.
On the upside, the amount is adverse attrition abreast the 23.6% Fib retracement akin of the aftermost bead from the $1,325 aerial to $1,134 low. There are abounding resistances on the upside beneath the $1,300 level. More importantly, there are two bearish trend curve basic with attrition at $1,250 and $1,280 on the alternate blueprint of BCH/USD. The aboriginal bearish trend band is abutting to the 50% Fib retracement akin of the aftermost bead from the $1,325 aerial to $1,134 low. Therefore, a breach aloft the $1,250 and $1,260 levels won’t be easy. Aloft $1,260, the additional trend band at $1,280 is the abutting hurdle.
On the downside, the contempo low of $1,134 is a concise support. If the amount break the declared level, it could analysis the $1,100 level.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is placed accurately in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently abreast the oversold levels.
Major Support Level – $1,100
Major Resistance Level – $1,250
Charts address – SimpleFX
